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Suncorp is set to exit the commercial property sector with $3 billion worth of commercial property investment lending to be shifted to its ‘non-core’ business and eventually run off.
The decision was made as a result of funding pressures, including its reliance on wholesale funding which it said has made the business uneconomic.
The bank’s ‘non-core’ business – which it set up last year – has now grown to $16.8 billion but the bank anticipates this will reduce to less than $2 billion by 2014.
Suncorp will now focus on its retail banking business with intentions to source up to 60 to 70 per cent of its funding requirements from its retail deposit base.
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